Thailand: Price paradise lost?

CHIANG RAI, 11 February 2019: Surprise, many of Thailand’s popular tourist destinations are among the most expensive cities in Southeast Asia to settle down in, according to cost of living comparison site Numbeo.

Posting a cost of living chart on the region’s top 18 destinations, Numbeo logged Bangkok as the second most expensive city after Singapore.

But Pattaya, Phuket and Chiang Mai took fourth, fifth and sixth place ahead of Penang in eighth place and Kuala Lumpur, Malaysia’s capital, in the ninth spot.

The cost of living index results that
compared 18 cities in Southeast Asia flew in the face of promoters who position
Thailand as the holiday bargain spot of Asia.

It also challenges Thailand’s ambitions to attract more foreign retirees as even Chiang Mai, a popular chose for long-stay retirees, turns out to be considerably more expensive than cities in Malaysia where liberal rules apply for visa and even land ownership.

Third placed Phnom Penh was another
surprise coming in with a higher cost of living index than the three popular
Thai destinations Pattaya, Phuket and Chiang Mai.

These
indices are relative to New York City (NYC). Which means that for
New York City, each index should be 100(%). If another city has, for example,
rent index of 120, it means that on an average in that city rents are 20% more
expensive than in New York City. If a city has rent index of 70, that means on
an average in that city rents are 30% less expensive than in New York City.

Cost of Living Index (Excl. Rent) is
a relative indicator of consumer goods prices, including groceries,
restaurants, transportation and utilities. Cost of Living Index doesn’t include
accommodation expenses such as rent or mortgage. If a city has a Cost of Living
Index of 120, it means Numbeo estimates it is 20% more expensive than New York
(excluding rent).

Rent Index is an estimation of prices of renting
apartments in the city compared to New York City. If Rent index is 80, Numbeo
estimates that price of rents in that city is on an average 20% less than the
price in New York.

Groceries Index is an estimation of grocery
prices in the city compared to New York City. To calculate this section, Numbeo
uses weights of items in the “Markets” section for
each city.

Restaurants Index is a comparison of prices
of meals and drinks in restaurants and bars compared to NYC.

Cost of Living Plus Rent Index is an estimation of
consumer goods prices including rent comparing to New York City.

Local Purchasing Power shows relative purchasing
power in buying goods and services in a given city for the average wage in that
city. If domestic purchasing power is 40, this means that the inhabitants of
that city with the average salary can afford to buy on an average 60% less
goods and services than New York City residents with an average salary.